At the 12th Annual New Jersey Technology Council (NJTC) Venture Conference in Somerset, NJ on March 26, Endomedix, Inc. (www.endomedix.com) unveiled a sprayable surgical hemostat that promises to change the way surgeons control bleeding during surgeries such as craniotomy and Ear, Nose & Throat (ENT) sinus procedures. The company's proprietary technology will also lead to flowable hemostats for use in most other surgeries as well for military, first responder and ER applications. The Company's product portfolio and business plans were key factors that led to the selection of Endomedix as the recipient of the "Best Early Stage Company" Award by judges at the Conference, where more than 65 companies showcased a broad spectrum of leading edge new technologies, products and services.
The Endomedix device sprays on the surgical site and forms a hydrogel in seconds, leading to the rapid formation of a mechanical clot. The hydrogel also contains a natural hemostat to amplify the natural cascade of coagulation. The device can produce effective hemostasis, or control of bleeding, much faster and is easier to use than competitive products. Since many surgeries require that bleeding be controlled many times during a procedure, the new device will save hospitals thousands of dollars per case in OR and anesthesia charges alone.
"Our technology is based on natural materials with a long history of use in FDA-regulated products, and our intellectual property is based on the innovative treatment and processing of these materials", explains Richard Russo, Chief Executive Officer. "Surgeons will be able to spray on our devices precisely, with almost immediate effect, so they can continue the surgery without having to wait a long time for bleeding to stop. Our product is also transparent, so unlike products currently available, the surgeon can see through it to confirm that bleeding has stopped."
Unlike many companies that try to invent something totally new, such as cure for a disease, Endomedix is developing products with improved performance and ease of use for procedures that surgeons perform every day. "It's exciting to develop a device for a billion dollar plus market that both performs better and costs less to produce than the devices currently available," says Russo. "We're in a strong position given what's happening in medical care delivery systems around the world."
The daylong annual NJTC meeting is the largest of its kind on the East Coast. More than 65 companies showcased technologies and products from various sectors, including life sciences, information technology, energy/environmental management, telecommunications and nanotechnology. "Participants included a new crop of vibrant startup companies" said Aron Spencer, CEO of InVenture LLC, a firm that helps startups leverage inventions into viable companies, and Professor of Entrepreneurship at New Jersey Institute of Technology. "Selecting a single winner this year was not easy, but the combination of its experienced management, technology and business opportunity certainly qualifies Endomedix as the Best Early Stage Company of 2010".
"We are moving steadily toward commercialization, and one of the key challenges that every firm in our situation must overcome is obtaining additional investment funds in this very difficult business environment", noted Russo. "We are making use of the experience and talents of the New Jersey Entrepreneurs Forum (www.NJEF.org) to provide insight on how to navigate the world of professional investors interested in private companies and startups. Their advice has helped us enhance our investment appeal, as evidenced by this Award."